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Q2 2021 Eni SpA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to Eni's first half 2021 Results Conference Call, hosted by Mr. Claudio Descalzi, Chief Executive Officer. (Operator Instructions)
I am now handing you over to your host to begin today's conference.
Thank you, and good afternoon, and welcome to Eni's first half conference call. In the first part of the year, we witnessed a strong recovery in the energy market. The rebound in global GDP, the growth in oil consumption and the OPEC Plus agreement translated into a steady increase in crude prices. The gas market is similarly recovering with summer prices at decade highest. While a highly volatile environment persists, oil and gas fundamentals remain positive. Today, we'll focus on 3 elements, which define our investment case. First, the 2021 shareholder distribution with the dividend raised to pre-COVID level, confirming our commitment to share part of our excess cash generation with shareholders. Second, the progress achieved on our retail and renewable
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